Non-alcoholic Spirits Market size was valued at USD 538.5 Million in 2022 and the total Non-alcoholic Spirits revenue is expected to grow at a CAGR of 4.35% from 2023 to 2029, reaching nearly USD 725.49 Million.
Non-alcoholic Spirits Market Report Overview
The latest market intelligence report released by research firm Maximize Market Research highlights the promising growth opportunities for suppliers in the Non-alcoholic Spirits Market during the forecast period until 2029. This Non-alcoholic Spirits Market report encompasses insights into growth catalysts, significant constraints, upcoming hurdles, and existing opportunities within the global market.
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Non-alcoholic Spirits Market Dynamics
The growing popularity of cocktails among millennials is anticipated to have a significant role in driving demand for non-alcoholic spirits and, in turn, the growth of the non-alcoholic spirits market. More health-conscious consumers are trying to limit their alcohol consumption. They consequently use non-alcoholic cocktails using non-alcoholic spirits as the foundation. For those who are conscious of their alcohol intake, non-alcoholic spirits offer a healthier alternative by allowing people to enjoy the tastes and complexity of cocktails without the alcohol.
Cocktails are renowned for their adaptability, with various flavor profiles and varieties to choose from. Bartenders and mixologists have a variety of alcohol-free cocktails to choose from, all with unique flavors, scents, and textures, thanks to non-alcoholic spirits. This adaptability enables the creation of unique drink choices that satisfy various nutritional needs and consumer preferences. As a result, it is anticipated that there would be a major rise in the market for non-alcoholic spirits.
Non-alcoholic Spirits Market Report Scope
The Non-alcoholic Spirits market has undergone a comprehensive analysis on a global, regional, and country level. The report presents an examination of the Non-alcoholic Spirits market dynamics, encompassing drivers, restraints, challenges, and opportunities, both segment-wise and region-wise. This thorough scrutiny equips the report to serve as a valuable guide for investors.
For estimating the Non-alcoholic Spirits market size, a bottom-up approach was adopted. In identifying key players within the Non-alcoholic Spirits market, secondary research was conducted, and their market revenues were ascertained through a combination of primary and secondary research methods. The secondary research involved scrutinizing annual and financial reports of prominent manufacturers, while primary research included interviews with influential opinion leaders and experts in the Non-alcoholic Spirits industry, including front-line professionals, entrepreneurs, and marketing specialists. The SWOT analysis was utilized to highlight the strengths, weaknesses, opportunities, and threats of key players within the Non-alcoholic Spirits industry.
Non-alcoholic Spirits Market Regional Analysis
The growth of the Non-alcoholic Spirits Market in the region is propelled by governmental initiatives and regulatory measures. Within the Non-alcoholic Spirits market report, the geographical context of the market is outlined, encompassing aspects such as market size, share, and a comprehensive exploration of the business network structure, opportunities, and pertinent news updates. The report encompasses a comprehensive coverage of regions, including North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Non-alcoholic Spirits Market Segmentation
Gin commanded a 36% market share by type and dominated the non-alcoholic spirits industry globally in 2022. During the projection period, the segment is anticipated to expand at a CAGR of 4.25 percent. Gin is a well-liked alcoholic beverage that is prized for its herbal aromas. Non-alcoholic gins that mirror the conventional gin’s aromatic characteristics have grown in favor. These non-alcoholic gins frequently contain botanicals that have a well-known and distinctive flavor character, like juniper, coriander, and citrus. Due to a number of factors, including as concerns about health and wellbeing, the mindful drinking movement, taste and flavor profiles that resemble conventional gin, variety in cocktails, inclusivity for social events, and innovation in the beverage sector, non-alcoholic gin has become more and more popular.
During the projected period, the whiskey sector is anticipated to expand at a considerable CAGR and present profitable growth opportunities for the non-alcoholic spirits market participants. Whiskey is a well-liked alcoholic beverage with distinctive flavors and fragrances, and interest has grown in non-alcoholic variants that attempt to mimic the complexity and depth of regular whiskey. Whiskey tastes like oak, smoke, and caramel are frequently included in non-alcoholic whiskeys without sacrificing the alcohol concentration. The demand for non-alcoholic whiskey is rising as a result of shifting consumer tastes, the mindful drinking movement, the growing non-alcoholic beverage market, authentic flavor and taste profiles, adaptability, inclusivity, and beverage sector innovation.
During the projection period, the tequila segment is anticipated to expand at a moderate CAGR. In comparison to typical alcoholic tequila, the market for non-alcoholic tequila is still quite small. The expansion of the market is being supported by the increasing interest in and popularity of non-alcoholic tequila. Tequila without alcohol offers a welcoming alternative for social gatherings or occasions where attendees may decide against drinking for religious, ethical, or other reasons. It enables users to partake in the delight of flavors and experiences resembling tequila without consuming alcohol. Additionally, non-alcoholic tequila can be used in a wide range of cocktails, mocktails, and culinary preparations, giving bartenders, mixologists, and home enthusiasts the flexibility to make drinks or dishes that are inspired by tequila but don’t include alcohol.
1 Global Non-alcoholic Spirits Market, by Type (2022-2029)
• Gin
• Rum
• Vodka
• Tequila
• Whiskey
• Others
2 Global Non-alcoholic Spirits Market, by Distribution Channel (2022-2029)
• Offline
o Food Retails & Shops
o Food Services
o Restaurants and Bars
• Online
3 Global Non-alcoholic Spirits Market, by Category (2022-2029)
• Conventional
• Organic
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Non-alcoholic Spirits Market Key Players
1. Aplós
2. Curious Elixirs
3. Drink Monday
4. Ghia
5. Hiyo
6. Lyre’s Spirit Co.
7. Kin Euphorics
8. Parch
9. Proposition
10. Ritual Zero Proof
11. Seedlip
12. Athletic Brewing Co.
13. Coolberg
14. Outbound Brewing
15. Partake Brewing
16. Rightside Brewing
17. Surreal Brewing
18. Two Roots Brewing
19. WellBeing Brewing Company
20. Le Petit Béret
21. Monceau Co.
22. Surely
23. Thomson & Scott
24. TÖST
25. Monday Distillery
Key Questions answered in the Non-alcoholic Spirits Market Report are:
- What is the forecast period of the Non-alcoholic Spirits Market?
- What are the Non-alcoholic Spirits market segments?
- Which segment held the largest Non-alcoholic Spirits market share?
- What will be the CAGR of the Non-alcoholic Spirits market during the forecast period?
- What is the competitive scenario of the Non-alcoholic Spirits market?
- What are the opportunities for the Non-alcoholic Spirits Market?
- What are the factors restraining the Non-alcoholic Spirits market growth?
- Which region held the largest market share in the Non-alcoholic Spirits Market?
Key offerings:
- Market Share, Size, and Forecast by Revenue
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis of segments and sub-segments
- Competitive Landscape- Leading key players and other prominent key players.
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